Share your ideas for improving MYOB Essentials Accounting. Vote on ideas and discuss them with the MYOB product development team.

MYOB Essentials

Prepare bank deposit

16Posts

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16 Posts
User
Australia

For more than seven years I used I used the desktop version of MYOB. It has the VERY USEFUL "Prepare Bank Deposit". I was convinced to use MYOB Essentials as it would allow me to get invoicing done quicker but with the current TAKE PAYMENTS issue and the lack of the Prepare Bank Deposit, I'm considering going BACK to the OLD FASHIONED way. PLEASE FIX THIS or else I'm going to have to pay my bookkeeper again to do the Historical Balancing when converting FROM the cloud based system BACK to the Old Fashioned way. If you ask me, you shouldn't have ever taken out the most useful function in transfering money from one account to another.

 

I know I can do it using Journal Entries but really.... every time I do it, I have to refer to previous entries so I know what column to put each enty in (CR/DR)

Current Status: Open
Last Changed: December 2014

Thanks for your suggestion @qwerty. It would be efficient for Essentials to have a Prepare Bank Deposit feature like AccountRight. Other users who are interested in this being implemented into the product, please cast your vote here.

21 Comments
3 Posts
User

Hello  IdeaExchange,

after previously using Business Basics and upgrading to online Essentials, i would like to see the Prepare Bank Deposit feature made available in this online software.

 

This feature was fantastic for easily preparing cash deposits and transferring into my main cheque account and keeping a record of all the transactions being deposited into this account.

 

Currently there is only a "Transfer money" option which only provides the ability to enter the transfer amount therefore not keeping an itemised record of what transactions have been transferred.


The Prepare Bank Deposit Report would then keep an itemised list of transactions ideal for auditing purposes.

 

Thanks,

 

UCC

16 Posts
User

I agree. Apparently you can do journal entries also to do it but I'm still learning that. I used to use PREPARE BANK DEPOSIT for entering payments from customers. All our sales we're put into a cash drawer/petty cash then itemised expenses were added to the transaction and a bank deposit was made. This worked for payments made by cash or credit card/EFTPOS. IT WAS EASY,

Partner
1,972 Posts
Partner

Hi @qwerty 

 

How are your customers paying you?  EFT direct deposit or cash/cheque?

 

If you are using bank feeds in Essentials, when the deposit to your bank account appears in the bank feed, you can allocate it at that time.

 

I'm aware that you are experiancing some issues selecting customes from your iPad and if you are unable to select the customers there, I suspect that it is the same issue with your iPad not the software.

 

Regards,

 

Alan

 

 

Former Staff
2,784 Posts
Former Staff

Thanks for your suggestion @qwerty. It would be efficient for Essentials to have a Prepare Bank Deposit feature like AccountRight. Other users who are interested in this being implemented into the product, please cast your vote here.

16 Posts
User

My customers can pay by cash, cheque, credit card or EFTPOS or direct deposit. 

 

I have NO ISSUE with DIRECT DEPOSITS. I have the bank feeds set up and they work 99% of the time.

 

I used to use the CASH DRAWER to make deposits into the CHEQUE ACCOUNT. I use the cash drawer as most small businesses with a shop front would. Sales by cash and credit card/EFTPOS, and purchases with cash from the cash drawer and then at the end of the day put the balance of the cash drawer into the cheque account.

 

 

Community Manager
5,943 Posts
Community Manager

Thank you for the additional information, @qwerty. We understand the importance of a Cash Drawer in your business. Your request has been passed on to our Developers for consideration. We request others who would like a Prepare Bank Deposits like function to please vote and add your comments.  

Partner
3 Posts
Partner

Yes, totally agree. i have a few clients on accountright plus that i was going to suggest move onto essentials, but, they all use the 'prepare bank deposits' & this would just be too fiddly to do as Alan suggested.

16 Posts
User

Tried to do the SPLIT as per the suggestion. I am even more lost as what to do here. At least with the annoying Create General Journal I can still see what I'm doing... (right or wrong)

MYOB Moderator
3,488 Posts
MYOB Moderator

Thanks again for your feedback @qwerty  .

In the meantime regards to what the split feature is and what it does, when receiving bank feeds you can either match them to an existing transaction (if you already have a transaction, like an invoice, recorded) or you can allocate directly to an income account (if you don't already have a transaction recorded).

 

If you select the option to 'allocate' you will see the word 'split' down the bottom of the screen. This simply allows you to select several income accounts, rather than one. In every other way this is the same as allocating to a single account.

 

If instead  you select the option to 'match' to a recorded transaction, you can match to multiple transactions by ticking them all in the screen down the bottom. To do this, all transactions will need to add up to the exact amount of the back feed.

Please note, that these refer to bank feeds, rather than the 'take payments.' Window.

16 Posts
User

re: by Liam M on ‎08-01-2015 12:50 PM

 

i cannot see how i can use this method to allocate multiple accounts, like Sales, Expenses and Drawings all in the one bank feed transaction.

 

A typical EXAMPLE day would have transactions like

Sale1 $200 Cash

Sale2 $100 Cheque

Sale3 $500 Cash

Expense Fuel $100

Drawings $200

Bank Deposit $500

 

The $500 would appear on the live feeds but how do I allocate Sales, Expenses and Drawings all within the one "Split"?